points each for a possible total of 10 points) 1. After several years of business, Abel, Barney, and Cole are liquidating The following are post-closing account balances 18,000 Cash 73,000 Inventory 157,000 Other assets 61,000 Accounts Payable 50,000 Abel, Capital 50,000 Barney, Capital Cole, Capital 87,000 Noncash assets are sold for $275,000. Profits and losses are shared equally. After all liabilities are paid, divide the remaining cash amongst the partners 75 PRINCIPLES OF ACCOUNTING 2 The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their 2. balance sheet balances are as follows: Cash $10,000 Other Assets 8,000 Liabilities Brandon, Capital 4,000 7,000 Ryan, Capital 7,000 If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets? If the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets